Business
Tech, financial services are key areas for foreign investments in Lagos, says Sanwo-Olu

Babajide Sanwo-Olu, governor of Lagos, says the key areas for investment in the state are tech, communications, financial services, creative, and consumer products.
The governor said this during an interview on Sky News on Friday.
He said the tech industry is very important in the state.
“For the past 3 to 4 years, Lagos has remained the tech startup capital in Africa so there’s still a lot of depth that we need to bring into that space,” he said.
Sanwo-Olu said there are a lot of financial products that need to be deepened.
“So we want to see a lot more international financial organisations come into Lagos,” he said.
“We want the creative industry to also have a play in our economy — then of course the general consumer products.
“Because of the population we have, we believe anything, indeed, could have a market, you could have your own share of the market — petrochemicals, consumer products.
“Any of those three to four areas will indeed do very well in Lagos.”
Speaking on the establishment of the Lagos international financial council, he said the rationale was to expose Lagos to the international community.
“The whole idea is for us to be able to let the world – starting with London because we’ve got a lot of history with the city of London– to get them to know what is happening in Lagos,” he said.
“But the council will set up strategies where we can hand-hold companies; British companies and foreign direct investors that want to come into Lagos.
“Let know what the red tapes are. What are the things that they want us to do — regulatory framework, legal framework? What kind of permits do they need? What kind of approvals do they need?”
Sanwo-Olu said the council will set up structures where communication and collaboration would happen.
Business
Julius Berger hands over Second Niger Bridge to FG

The federal government has taken delivery of the second Niger bridge from Julius Berger, seven months after it was commissioned by former President Muhammadu Buhari.
David Umahi, minister of works, while addressing journalists on Sunday after inspecting the project, said he is satisfied with the level of work done.
Umahi described the project as “impeccable, very beautiful and well completed”.
He said efforts are ongoing to mount street lights on the bridge.
“What we have agreed is to deploy solar solution in the coming weeks so that every night we don’t have to run diesel,” NAN quoted Umahi as saying.
“The roads are going to be completed when we have completed the two inter changes, one is taking us off from Asaba town to cut off the traffic and the other one is going to be done by Reynolds Construction Company (RCC) Ltd.
“President Bola Ahmed Tinubu is very committed to the project and we are going to acquire more, so that we can build service stations, filling stations, restaurants and super markets and other facilities as we see in the western world.
“We are determined to do that; the need to do this with the inter changes is going to be a very smart one, so that over the years we can have a beautiful and maintained road.”
The minister further assured of security on the bridge, noting that CCTV cameras would be installed and some security personnel deployed, so that travellers could get security assistance within five minutes.
Business
UBA wins ‘African Bank of the Year’ award in eight countries

United Bank for Africa (UBA) has been named the ‘African Bank of the Year’ at the 2023 Bankers Awards organised by The Banker Magazine — a publication of the Financial Times of London.
UBA Group won nine awards at the event, according to a statement on Sunday.
Dominating the African continent, UBA not only clinched the title of African Bank of the Year at the event, but also propelled its subsidiaries to victory in eight additional African nations.
The bank’s subsidiaries in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Congo, Sierra Leone, and Tanzania all emerged as the Bank of the Year in their respective countries.
According to the statement, it would be the second time in the past three years that the bank has won the regional award as the best bank in Africa, after winning the title in 2021.
Oliver Alawuba, UBA’s group managing director, said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.
“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa,” he said.
“This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team.
“We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.
“We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”
Joy Macknight, editor of the Banker Magazine, said UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.
“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years,” she said.
“The award recognises the bank’s strength across Africa, including many of its most competitive markets.”
Business
Ogun state government shuts three industries over environmental infractions

The Ogun State Government has shut down three industries in the state for flouting various environmental infractions that go against the environmental best practices in the state.
The affected companies are Ruili Recycling Limited, Mowe, Robust International PTE Limited also in Mowe, and Star Pipe Limited, Sagamu.
The Ogun State Commissioner for Environment, Ola Oresanya gave the order for the closure of these companies, according to a press release published on the official X (formerly Twitter) handle of the Ogun State Government.
Oresanya revealed that the infraction of Ruili Recycling Company was discharging its wastes and stormwater into their immediate environment, especially on the premises of Christopher University which exposed the students to avoidable danger.
Furthermore, the commissioner noted that the pet bottle recycling company was guilty of refusing to obtain drainage approval to properly channel the unwanted water to the appropriate place, as well as burning all its solid wastes within its premises contrary to the state’s Environmental Laws.
For Robust International PTE, the commissioner cited the illegal demolition of a fence bounding the company and Christopher University to reclaim some portion of land and subsequently divert stormwater into the premises as part of the infractions levelled against them.
Furthermore, Oresanya said Robust International PTE also failed to heed the government’s directives for proper remediation.
Star Pipe Limited located in Sagamu, Oresanya said the company failed to install effluent treatment plants in their facilities as they discharge raw and hydraulic acid into their immediate environment. This, according to the commissioner, has led to contamination of the groundwater of these communities which has made the water unsafe and unhygienic.
Oresanya declared that the three companies will remain shut until they correct all the lapses detected and adhere to the best global environmental standards that the state government has adopted.
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